labels: stock markets - india, markets - general
26 May 11.10 AM: Markets bounce back on global recovery; Sensex above 11000 news
26 May 2006


Healthy recovery in the US markets yesterday has paved the way for a strong bounce back across Asian markets today. Indian indices are also following the global cues and are trading with gains of nearly 3 per cent each.

Sensex opened at 10735 and rallied to a high of 11022. The index is trading higher by 342 points at 11008 at 11.10 AM.

Nifty opened at 3178 and surged to a high of 3272. The index is trading higher by 87 points at 3265.

Metal stocks are leading today's rally. SAIL has added more than 6 per cent while Tata Steel is trading nearly 4 per cent higher.

Among aluminium stocks, both Nalco and Hindalco have added over 5 per cent each. Sterlite is trading with gains of nearly 6 per cent.

Reliance Industries has added over 3.5 per cent while ONGC is maintaining the uptrend from yesterday and has gained nearly 2 per cent.

HPCL has added 5 per cent following the company's results yesterday and expectations of a fuel price hike early next week.

L&T is the biggest gainer among index stocks as engineering stocks have made a comeback. The stock is trading more than 6.5 per cent higher. ABB has gained nearly 5 per cent while BHEL is trading more than 4 per cent higher.

MTNL is continuing its surge from yesterday and has added another 5 per cent. Reliance Communication has added 6.5 per cent.

HLL is the biggest gainer among FMCG stocks, having added nearly 5 per cent. ITC is trading with gains of nearly 4.5 per cent.

Banking stocks have also recovered. SBI has added over 2.5 per cent while HDFC Bank is trading more than 3 per cent higher. ICICI Bank is trading with gains of over 2 per cent.

Among auto stocks, Tata Motors has gained over 2.5 per cent. M&M and Maruti have added over 2 per cent each.

Bajaj Auto is trading nearly 5 per cent higher while Hero Honda has gained nearly 3 per cent.

Infosys has added nearly 4 per cent while Satyam is trading more than 2.5 per cent higher. Yesterday's big winners, Wipro and TCS, are more subdued and are trading over 0.5 per cent each higher.

Gail and Cipla are among the other major gainers.

Sun Pharma is the only loser among Nifty stocks, trading more than 2.5 per cent lower.

Mid-caps are doing marginally better than the frontline stocks and most of the stocks are trading with significant gains. The index is now trading with gains of around 3.5 per cent. Market breadth on the NSE is extremely positive with more than 16 stocks advancing for every declining stock.

Gujarat NRE Coke, Suryalakshmi Cotton, Mahindra Gesco and India Bulls are among the gainers in mid-caps.

Ansal Infrastructure, Amtek Auto and Dalmia Cement are among the mid-cap losers.

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26 May 11.10 AM: Markets bounce back on global recovery; Sensex above 11000